Raises Per-Share Profit Projection From Continuing Operations for Year Ending in March

CA Inc.
’s third-quarter profit fell 4% as the company reported its 11th straight quarter of a year-over-year decline in revenue.

For the year ending in March, the company raised its per-share profit projection from continuing operations, which excludes currency fluctuations and one-time items. It now expects a decline between 14% and 17%, compared with its earlier view of 18% to 20%. It affirmed its revenue projection, which falls short of the $4.31 billion in revenue consensus among analysts surveyed by Thomson Reuters.

“Looking ahead, while we do not expect fiscal 2016 total revenue to grow in constant currency, we believe we are on track to achieving our medium-term goals,” Chief Executive
Mike Gregoire
said in a statement.

Formerly known as Computer Associates, CA, also known as CA Technologies, makes software for mainframe computers and other hardware.

The Islandia, N.Y., company has been shedding noncore businesses to focus operations on core areas: management cloud, DevOps (application development and operations) and security.

For the period ended Dec. 31, CA reported a profit of $222 million, or 50 cents a share, down from $232 million, or 51 cents a share, a year earlier. Excluding stock-based compensation and other items, profit from continuing operations fell to 67 cents, from 81 cents a year earlier.

Revenue decreased 3% to $1.09 billion, driven by a decrease in subscription and maintenance revenue.

On a constant currency basis, which eliminates the effects of exchange rate fluctuations, revenue fell 1%.